Solar Battery Market valued at $ 375.83 million by 2027 with a CAGR of 16.17% – GlobeNewswire
New York, July 27, 2021 (GLOBE NEWSWIRE) – Solar battery market Overview: According to a comprehensive research report by Market Research Future (MRFR) "Solar battery market Research report, type, end consumption and region – forecast to 2027 " The market size is projected to be worth $ 375.83 million by 2027, which is seeing a CAGR of 16.17% over the forecast period (2021-2027). The market was valued at $ 121.61 million in 2020.
Most of the successes in decentralized generation revolve around renewable energies. The installation of solar power systems in residential buildings and home furnishings increases sales of solar batteries. Product standardization, increased research and innovations as well as increased laboratory and field tests are important market trends that have led to the widespread use of solar batteries in recent years.
Commercial spaces are increasingly implementing solar energy systems embedded in IoT technologies and devices, such as artificial intelligence (AI) and blockchain for remote monitoring, payments, and security and performance analysis, creating huge market opportunities for solar energy storage systems.
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List of Key Companies Profiled In Solar Batteries Market Research Report Are:
- Loom solar
- BAE Batteries GmbH
- BYD Co. Ltd.
- Base battery
- HBL performance
The market prospects for solar batteries appear extremely competitive due to the strong presence of established market players. You are looking for opportunities to promote the large value chain and focus on R&D investment, expansion and M&A activity. New players enter the market with competitive prices in order to undercut the established providers and gain a foothold in international markets.
For example, recently on June 25, 2021, Reliance Industries (RIL – India) announced its plans to advance into solar modules, battery storage, green hydrogen and fuel cell production, investing USD 10 billion in the process. RIL would build an integrated solar photovoltaic (PV) factory, an advanced energy storage battery production unit, a green hydrogen facility, and a fuel cell facility.
These four gigawatt-scale production units would be located in Jamnagar, Gujarat, at the base of Reliance Industries' energy business. The first integrated solar PV gigawatt factory would begin by converting raw silicon into polysilicon, which would then be converted into ingots and wafers that could be used to make high-efficiency solar cells and eventually assembled into high-efficiency solar modules.
Search the in-depth solar battery market research report (111 pages)
Growing environmental concerns to fuel market growth
Renewable energies offer cost-effective solutions for energy generation, while conventional energy sources are far more expensive and environmentally harmful. Growing concerns about the environmental impact of fossil burning are fueling the adoption of renewable energy sources and the solar battery market.
In grid systems, solar batteries connected to the local power grid act as an emergency power source for renewable energy systems. The increasing use of these batteries in grid-connected systems, emergency power supplies, solar street lights and smart grids are important factors that are strengthening the solar battery market.
In addition, concerns about increasing energy consumption and environmental concerns are influencing market growth and driving the need for renewable / clean energy generation to reduce pollution. The rise in nuclear and renewable energy generation is also increasing the size of the market for solar batteries.
Development, installation and maintenance costs are holding back market growth
Lack of awareness and mobilization (structuring) demand are the main factors influencing the growth of the solar battery market. Large-scale awareness programs and demonstrations in the community are required to move away from traditional practices. Also high Initial investments in the installation and maintenance of solar battery systems have an impact on the market growth that challenges market participants.
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Effects of COVID-19
The surge in renewables has been reassuringly robust amid the COVID-19 crises. The dependence on fossil fuels could have been reduced dramatically if the global demand for electricity had not increased so massively. Market participants were faced with problems ranging from the procurement of components for the development of solar batteries, to recruiting workers from quarantine, to the delivery of finished products.
Lockdown orders to control the spread of the virus disrupted supply chains and led to a shortage of components and the production of important raw materials. As a result, product prices have increased and market demand has decreased. However, the solar battery industry is quickly returning to normal and is witnessing the increasing demand for energy. The demand for solar batteries is estimated to increase after the lockdown mandates are relaxed in many countries.
The market is segmented into types, end uses, and regions. The type segment is divided into lithium-ion (Li-ion), lead-acid, flow-through battery and others. Of these, the Li-ion battery type segment accounts for the largest market share and is very well received. The end customer segment is divided into industrial, commercial and residential. The region segment is divided into Asia-Pacific, America, Europe and the rest of the world.
The Asia-Pacific region is likely to remain a highly attractive market for solar batteries in the reporting period. The region is experiencing rapid growth in the solar industry. The technology has only just begun to affect users and new markets. In addition, the increasing purchasing power of consumers and regulatory changes are the main growth drivers that are increasing the market share of solar batteries.
The increasing number of production capacities and suppliers of technologies for renewable energies in the region are also having a positive effect on market growth. Increasing investments in renewable energies and the increase in network development projects as well as the significant expansion of industries are influencing market demand in the region. In addition, the increase in government initiatives is driving the alternative energy market.
Segmentation of the Market Covered In Research:
Info by Info by Type (Lithium-Ion, Lead-Acid, and Flow-Through Batteries), End Use (Industrial, Commercial, and Residential), and Region (North America, South America, Europe, Asia-Pacific, and Middle East and Africa)
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